Dr. Dre & Jimmy Iovine Owe Former Business Partner $25M
Dr. Dre and Jimmy Iovine have been ordered to pay over $25 million to their former business partner, Steven Lamar.
Back in 2016, Lamar filed a $100 million lawsuit against the Beats Electronics co-founders, claiming that he was screwed out of a lot of money in royalties for the design of early Beats headphones models. He accused both Dre and Iovine of breaching the terms of their original contract–but the defendants argued that Lamar was only involved in the creation of one model, and for that, he had already been compensated. Unfortunately for the Beats moguls and their pockets, a Los Angeles Superior Court jury didn’t agree.
According to Billboard, the jury has decided that Lamar fulfilled his contract, and was thus owed $25,247,350 in royalties for his work on three different Beats models.
“For anybody who has a great idea and brings it to a company and then doesn’t get the recognition or credit that they’re due … what this jury verdict says is, if that happens to you and you’re a little person, you can go into court and have a jury of American citizens determine whether you’re right or wrong. And if you’re right, you get the credit that you’re owed,” Lamar’s attorney Brian Melton said to Billboard. “That’s what I felt when I heard the jury verdict. It indicated four years of hard work in this case of standing side-by-side with Mr. Lamar, through the ups and downs, and going against one of the biggest companies in the world with some of the best lawyers in the world.”
$25M is certainly nothing to scoff at, but if anyone’s pockets can take the hit, it’s these two.
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